2. Section 2 of the Value Added Tax Act, No. 14 of 2002 (hereinafter referred to as the "principal enactment") is hereby further amended as follows :-
| (1) in subsection (1)' of that section-
| | (a) by the substitution for all the words and figures from "as the case may be" to the end of subparagraph (ii) thereof of the following :- | | |
| | (b) by the substitution of the words and figures "subsection (3) of section 2." of the following words and figures :- | | |
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| (2) by the repeal of subsection (2) of that section and the substitution therefor of the following subsection :-
| | "(2) Notwithstanding the provisions of subsection (1) the Commissioner-General shall defer the payment of tax due"
| | | (a) on any tea supplied by any manufacturer of tea, registered with the Sri Lanka Tea Board established by the Sri Lanka Tea Board Law, No. 14 of 1975. to any registered broker for sale at the Colombo Tea Auction and where such tea is purchased by any exporter of tea registered with the Sri Lanka Tea Board established by the Sri Lanka Tea Board Law, No. 14 of 1975, until such time such tea broker furnishes the reconciliation on the disposal of such tea, as stipulated by the Commissioner-General ; |
| (b) on the supply of any taxable goods or services by a registered person to any other person who has entered into an agreement as a contractor to supply any goods or services to any Government department, utilizing funds provided by any foreign government or donor agency approved by the Minister, having regard to the interest of the national economy, where the value of such goods or services exceeds rupees twenty thousand, for a period of three months, from the end of the month in which such goods or services were purchased by such contractor. |
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| (3) in subsection (3) of that section by the substitution in paragraph (b) of the second proviso thereof, for the words "equipment of high value'" of the words "equipment of high value or any goods to be used as exhibition materials or as materials in any technical demonstration". |
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Sri Lanka Consolidated Acts